Harbinger Group Said to Agree to Buy Exco Gas Stake

Bloomberg – Philip Falcone’s Harbinger Group (HRG) Inc. agreed to buy a stake in U.S. natural-gas fields from Exco Resources Inc. (XCO) for $373 million in a bet on a rebound for the fuel, said a person with knowledge of the matter.

Harbinger Group, the New York Stock Exchange-listed vehicle controlled by Falcone’s hedge fund, will get about 75 percent of a partnership it’s setting up with Exco, said the person, who asked not to be identified because the deal hasn’t been announced yet. Because the partnership will also take on debt, Exco will get $597.5 million of cash, the person said.